The biggest risk today is not the decline of the US stock market. Instead, global risk assets began to experience a synchronized decline. Last night, the Nasdaq fell first, with AI and semiconductors becoming selling centers; Today, the Asian market experienced a relay decline, with the Japanese stock market falling more than 5% and the Taiwan stock market falling nearly 6%. The A-share CSI300 also weakened synchronously, and global funds clearly entered a risk contraction mode. There are three main threads behind this round of adjustment: 1. The valuation of the AI sector is too high, and semiconductors have become the first stop for funds to cash in profits; 2. The situation in the Middle East has pushed up oil prices, and the market is once again concerned about inflation and global growth; 3. Risk appetite decreases, and funds synchronously reduce their exposure to stocks and cryptocurrency assets. When the US stock market, Korean stock market, A-share market, and BTC begin to fluctuate in the same direction, the market often trades not on fundamentals but on liquidity. What is truly worth paying attention to is not how much it fell today, but when the next incremental funds will come back